A Study On The Motivation And Performance Of China Railway Materials Company Limited Backdoor Listing Under The Background Of Mixed-Ownership Reform Of State-owned Enterprises

At the Third Plenary Session of the 18 th Central Committee of the Communist Party of China in 2013,it was established that the Mixed-ownership economy is an important form of realization of China’s basic economic system,and measures such as deepening the reform of the Mixed-ownership economy of state-owned enterprises were proposed,making listed companies the main carrier of the Mixed-ownership reform of state-owned enterprises.In the process of Mixed-ownership reform,how can enterprises improve their corporate governance structure through equity diversification? Why should companies with financial difficulties achieve Mixed-ownership reform through backdoor listing means? And how can improve the enterprise performance after the Mixed-ownership reform? This article focuses on the comprehensive use of market-oriented debt to equity swaps,backdoor listing,and other means to carry out Mixed-ownership reform of state-owned enterprises in China Railway Materials Company Limited.The research object is a three-year action case of continuous implementation of state-owned enterprise reform.Using case studies,accounting indicator analysis,and other research methods,it provides a reference for deepening the Mixed-ownership reform of state-owned enterprises and creating new solutions by studying the principle,motivation,and performance of backdoor listing of state-owned enterprises.Through research and analysis,this article draws the following conclusions:(1)After the introduction of strategic investors into the Mixed-ownership reform of state-owned enterprises to achieve diversification of the equity structure,by improving the governance structure of the board of directors and the board of supervisors,thereby improving the rationality of business decision-making and improving the operational ability of enterprises,it has played a driving role in improving the effectiveness of enterprise performance.(2)Financial difficulties enterprises have the advantage of backdoor listing,which has a positive effect on shareholder wealth in the short term;Compared to the medium and long term performance of enterprises,raise development funds after backdoor listing is conducive to optimizing their strategic layout and adjusting their business structure,forming a driving force for sustained and stable growth of enterprises.(3)The Mixed-ownership reform of state-owned enterprises provides a strong guarantee for enterprises to comprehensively promote business transformation and upgrading and improve performance by strengthening the leadership of the Communist Party of China,enhancing investment in research and development,and environmental protection.